Jeffrey Sherman, DoubleLine's deputy chief investment officer, called the notion of autopilot "scary." He told CNBC once it appeared that was happening, the market got spooked.

"This is not a tested program of quantitative tightening," he said on "Closing Bell. " "I don't think it is like an airplane that can really fly on autopilot and we can all feel comfortable. It feels like Tesla out there trying to really sample the autopilot behavior. "

Sherman said the market doesn't trust the idea that the central bank can "tweak through interest rate hikes."

That said, he's not making any investment changes because the firm doesn't manage day to day. Instead, there will be a reassessment at the end of the year.

What will be key is the U.S. deficit, coupled with the Fed's quantitative tightening, Sherman noted.

"It just looks still ugly for the bond market," he said. "The bond market is just saying the Fed is probably losing control here. Powell needs to be the pragmatist. Come back and actually talk like someone who actually been a practitioner in the market."